Sale of Southend United to Justin Rees and his consortium

[shrimperjon]

I hope Tuesday is resolved, same for Wednesday, but how is the big question.

Payment up front is improbable as that would mean RM finding a substantial sum of money.

Agreement of a payment plan perhaps, but that would mean the club is closer to a takeover?

The third option that comes to mind, administration stopping any legal action... I really hope not.

For the first time in a while regarding SUFC I feel a bit sick heading into the coming week. What will it be? A horrible mixture of hope, fear, anticipation and a degree of resignation as our fate is out of our control.

Every bit of passion and effort shown by the fans in our campaign to save the club has led us to this week. I wouldn't wish how I'm feeling tonight on anyone, I'm sure some of you lot feel the same.

I wish we had the answers mate. We are all in this together but few have the answers. But whilst we have hope then we have hope

 

[Billy Bests boot laces]

This is exactly my concern. I don't want to hit the panic button on here but we've got major hoops to jump through for this week to be remotely pleasant.

Lets turn up in good numbers on Tuesday, give the lads great support, & go home & pray that Weds will be a positive day for us.

 

[hlane17]

Lets turn up in good numbers on Tuesday, give the lads great support, & go home & pray that Weds will be a positive day for us.

I'll be there Tuesday. Hoping we'll have a reason to party but who knows, it's Southend United after all.

 

[tommy tucker]

Allegedly that's what will happen, but we still have the question of administration looming while we don't know what's happening with other creditors.

If Kerry is correct and Tuesday is resolved, my question is how?

Maybe because the bill has been paid

 

[leeblue]

Logically the people on the WUP would surely want a payment plan sorted rather than get naff all from us in administration. Right?
Also the fact it's not Ron and an actual grown up helps?

 

[Lester Bangs]

To quote Lenny Kravitz ‘it ain't over 'til it's over’. Whilst everything seems promising we’re not there yet.

Let’s not get giddy and wait to see what next week brings. Hopefully we’ll be partying like it’s 1999.

 

[Paddypel]

I hope this is the case, but again we don't know. Admin is still yet to be officially ruled out.

Well we actually do… if the court date Tuesday is off (I trust Kerry’s word) then it means that new repayment terms have been agreed and that won’t have been with a certain failed property developer.

 

[hlane17]

Well we actually do… if the court date Tuesday is off (I trust Kerry’s word) then it means that new repayment terms have been agreed and that won’t have been with a certain failed property developer.

There are other creditors. Npower are one of several that were on previous petitions.

 

[Paddypel]

There are other creditors. Npower are one of several that were on previous petitions.

Yes but the case on Tuesday was exclusively for NPower which is what I thought we were discussing.

 

[hlane17]

Yes but the case on Tuesday was exclusively for NPower which is what I thought we were discussing.

In my original post I referred to both Tuesday and Wednesday, sorry if it was unclear.

Good to see Tuesday's resolved but it still doesn't give us any reassurance that Wednesday will be smooth sailing.

Anyone know if progress has been made regarding other creditors?

 

[Maldon Shrimper]

The court listing at Chelmsford is still showing 3 case listed for Tuesday.
Will double check tomorrow for update

 

[OldBlueLady]

View attachment 29141

I'm really not sure that Kerry should be posting that kind of thing.

 

[West Stand]

Logically the people on the WUP would surely want a payment plan sorted rather than get naff all from us in administration. Right?
Also the fact it's not Ron and an actual grown up helps?

HMRC almost certainly won’t want a payment plan that ship has probably long since sailed.

If a NewCo is formed , which would be the process should Administration happen, as I keep pointing out there would have to be a guaranteed payment plan agreed with creditors to settle x % of the current liabilities over 24-36 months . If one cant be agreed then relegation to NLS/ N would be the minimum punishment and quite likely the NL would refuse to accept the NewCo

Creditors like HMRC almost certainly will have had enough of the continual default so won’t be at all upset( that’s the reality) if SUFC Ltd in its current guise is wound up . Other creditors like NPower will want to protect future revenue and based on past track record will know that debt is probably going to grow quicker than past liabilities can be cleared.

If a payment plan is agreed then SUFC Is almost certainly going to be spending more than it earns thats something that any Administrator will be faced with when he considers creditors

We need to wait and see what the position is re Chelmsford

 

[West Stand]

The court listing at Chelmsford is still showing 3 case listed for Tuesday.
Will double check tomorrow for update

The listing was published last night at 9.46pm todays list has already been amended

 

[shrimperjon]

I'm really not sure that Kerry should be posting that kind of thing.

Agreed, especially if not true. Guess the next 24-48 hours will tell us all we need to know

 

[Southminster Shrimper]

This is unbearable. The closer and closer it gets the worse it feels.

 

[Paddypel]

I'm really not sure that Kerry should be posting that kind of thing.

I Agree such sensitive information should be held back but supporters deserve to stay informed and I trust that Kerry wouldn't post unless he was certain of that.

 

[Morty01]

Any chance of an announcement regarding a deal today?

 

[Ron Manager]

To be fair to Kerry I'm certain he would be very careful about posting anything on a public forum that he wasn't 100% sure about.

 

[Leeboy]

I Agree such sensitive information should be held back but supporters deserve to stay informed and I trust that Kerry wouldn't post unless he was certain of that.

Kerry Careless?